Thursday, October 8, 2015

Key levels for the day: AUD/USD, USD/JPY

FXStreet (Bali) - Find below the key level to keep an eye on for the Australian Dollar and the Japanese Yen.

AUD/USD has recently broken through prior swing low at 0.7194, and has now opened up further downside potential towards 0.7150/55 - yesterday's low. A push beyond that point may expose, which coincides with today's ATR14, ahead of the round number 0.70. On the upside, a recover with hourly close above the 0.72 is necessary to stimulate renewed buying as seen in recent days, ahead of 0.7230/35 resistance and 0.7145/50 (Daily R1).

USD/JPY has seen a sharp reversal above the 120.00 psychological level, initially taking out stops up to 120.12 before a reversal, last at 119.90. Next key support is seen at 119.75/80 (yesterday's low + Daily S1), followed by 119.50/55 (H&S potential on H4/Daily), ahead of 119.42 (Daily S2) and before 119.00. On the upside, 120.15/20 needs to be reclaimed for bulls to dominate price action intraday, with next resistance at 119.32/35 (yesterday's high +Daily R1) ahead of 119.50.
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